If you’re wondering, “How do I figure out how much money I take home in Virginia?” we’ve got you covered.
Use our simple paycheck calculator to estimate your net or “take home” pay after taxes, as an hourly or salaried employee in Virginia.
Paycheck Calculator
Paycheck Calculator
Disclaimer: Please note that this paycheck calculator is designed to provide an estimate and should not be considered as professional tax advice. The actual withholding amounts and taxes owed may vary depending on individual circumstances and other factors. For accurate and personalized tax advice, we recommend consulting with a tax professional.
If your gross pay is $80,268.00 per year in the state of Virginia, your net pay (or take home pay) will be $59,342.48 after tax deductions of 26.07% (or $20,925.52). Deductions include a total of [1] 12.99% (or $10,427.06) for the federal income tax, [2] 5.43% (or $4,357.95) for the state income tax, [3] 6.20% (or $4,976.62) for the social security tax and [4] 1.45% (or $1,163.89) for Medicare.
The Federal Income Tax is collected by the government and is consistent across all U.S. regions. In contrast, the State Income Tax is levied by the state of residence and work, leading to substantial variations. The Social Security Tax is used to fund Social Security, which benefits retirees, persons with disabilities and survivors of deceased workers. Medicare involves a federal payroll tax designated for the Medicare insurance program. As of 2022, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming do not levy a state income tax.
Meanwhile, get ahead with our free resources:
How Does the Paycheck Calculator Work?
Input your salary information, such as wage and pay frequency, and our tool will handle the tax calculations for you. Once you’ve filled in all the information, click the “Calculate Tax” button, and the calculator will provide an estimate of your net or “take home” pay for the specified pay period.
Overview of Virginia Taxes
The state of Virginia employs a graduated individual income tax, with rates ranging from 2.% to 5.75 %. For businesses, the state imposes a flat 6% corporate income tax rate.
Virginia offers tax breaks to retirees. If you’re 65 or older, you can generally claim a deduction of up to $12,000. The exact deduction amount may vary based on your income and birthdate. Moreover, the state not tax Social Security benefits, providing further financial relief to retirees.
When it comes to sales tax, Virginia maintains a 5.30% state sales tax rate, with local sales taxes adding up to 0.70%. This results in an average combined state and local sales tax rate of 5.75%, which is lower compared to some other states.
Virginia’s property tax landscape is generally favorable. The median property tax rate stands at 0.87% of assessed home value, making it below the national average.
Median Household Income in Virginia
In 2022, Virginia boasted a per capita income of $68,211, ranking 13th nationwide. This figure surpasses both the national average of $65,423 and the Southeast regional average of $56,118.
The state’s unemployment rate has historically been below the national average. In 2022, the average unemployment rate was 2.4% for white residents, 4.6% for black residents and 3.6% for Hispanic or Latino residents.
When it comes to salaries in Virginia, they vary widely based on position. However, the median household income can give you a glimpse at the average salary a household is earning in this state.
| Year | Median Household Income |
|---|---|
| 2021 | $80,268 |
| 2020 | $82,214 |
| 2019 | $81,313 |
| 2018 | $77,151 |
| 2017 | $70,811 |
| 2016 | $66,451 |
| 2015 | $61,486 |
| 2014 | $66,155 |
| 2013 | $65,907 |
| 2012 | $64,632 |
| 2011 | $62,616 |
Tips for Maximizing Your Paycheck
Here are some tips to help you maximize your paycheck:
- Familiarize yourself with Virginia’s income tax rates
- Explore tax breaks that can reduce your tax liability
- Leverage property tax relief programs and credits
- Create a monthly budget to manage your expenses effectively
- Periodically review your pay stub to ensure that deductions and contributions are accurate
